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How to set up a Bitcoin miner?

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Bitcoin mining is not a cake walk at the current levels of computational difficulty A peer-to-peer electronic system is Bitcoin. Learn bitcoin miner

Bitcoin mining is not a cake walk at the current levels of computational difficulty

A peer-to-peer electronic system in order to transfer and store value said the WhitePaper. Appearances are deceptive and the definition of Bitcoin is not as simple as it seems. Bitcoins are sent or received, this is known as a transaction. Transactions need to be confirmed and validated in order to facilitate their addition in the current Blockchain, which is done by some of the nodes of the network itself, who are known as miners. They take a set of unconfirmed transactions and add it to the network after verifying them. The verification of the transactions requires the computing power. Hence, as the Blockchain Network increases in its size, the difficulty of verifying the transactions and adding to the blockchain also increases which has led them to use complex and expensive mining equipment specifically designed for such purposes.

 

Bitcoin mining

If someone wishes to earn Bitcoins by mining them, it can be done in two ways. Mining Bitcoins personally by purchasing a whole set of mining equipment or simply joining a Cloud Mining pool without purchasing any equipment. There are a number of advantages and disadvantages associated with both the choices.

If a particular user opts out, to mine Bitcoins personally, then he needs to care for the mining equipment and all the maintenance issues that are related to it. This method will cause inconvenience to the all the other miners, as it will result in the addition of a new miner to the network, which will automatically increase the difficulty of solving the complex mathematical algorithm. But the advantage here is that the whole Bitcoin reward which the miner gets can be used completely for himself without sharing it with anyone.

On the other hand, if one chooses to join a Bitcoin mining pool by paying some amount of subscription fee then he doesn’t need to worry about the mining equipment at all. All the mining procedures and complexities are taken care of by the mining pool itself but only a share of the reward is credited to the Bitcoin wallet, constantly, depending on the subscription. This method is better, as the complexity of the mathematical problem is constant, as no new minor has directly joined the network. But due to the monopoly in the mining industry, by some of the mining pools, is proving to be a threat to the decentralized nature. Nevertheless, both the choices entice their set of consequences.

 

Mining personally

Setting up a Bitcoin miner is challenging task. One needs to consider a lot of factors before purchasing the Bitcoin mining equipment. The cost, hashrate, as well as the efficiency of a Bitcoin mining rig, must be taken into account prior to its purchase. Hash rate is nothing but the number of guesses or hashes per second, the equipment is capable of. As it is all about earning Bitcoins and indirectly incur profits, the cost of the mining rigs must be feasible enough. The amount of electricity that the mining rig consumes and the specific amount of Bitcoins it is capable of mining per month must be taken into consideration in order to calculate the efficiency of the mining.

 

Purchase of mining equipment

During the initial days of the Bitcoin mining, normal GPUs ( 800 MH/s ) and, to some extent, CPUs ( less than 10 MH/s ) were sufficient in order to verify the transactions by the miner. But since 2017 after the widespread adoption of Bitcoin and exponential growth in its Blockchain network, these equipments have become obsolete. The Field Programmable Gate Arrays (FPGA, 750MH/s) were then used for mining. It is nothing but a customizable integrated circuit on which large volumes of processing chips can be attached for Brute-Force computations. Following which the most advanced Bitcoin miners known as ASIC miners were introduced with the computational powers in gigahashes as well as terahashes per second. Along with the mining equipment the respective power supply needs to be purchased.

 

Obtain a bitcoin wallet and secure it

After the purchase of the mining equipment, prior to initiating the mining process, one needs to provide the Bitcoin wallet address in order to store the Bitcoins mined. Having a two-factor authentication for the wallet as well as storing it offline in a Pendrive is highly preferred.

 

Settle on a mining pool and start mining

The confusion at this point is surely arising, when one is mining Bitcoins personally then why does he or she need to join a Bitcoin mining pool? Mining Bitcoins solely, is literally of no use, as it does not lead to any profits at all and the mining equipment brings nothing but an electricity bill. Hence it is always preferred to join a mining pool and get the respective amount of reward based on your contribution to mining. Bitmain is regarded as one of the biggest mining pools in the world.

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10 Comments

10 Comments

  1. Pingback: How to set up a Bitcoin miner? – Btc News Magazine

  2. Pingback: How to set up a Bitcoin miner? – The Coinage Times

  3. Raymond j braydi

    July 1, 2018 at 9:25 am

    How can I see my previous messages or comments?

  4. Pingback: How to set up a Bitcoin miner? | Coin News King

  5. Pingback: How to set up a Bitcoin miner? - Gold Coast Money Online

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  9. TraderHelp.Info

    July 9, 2018 at 2:11 pm

    However in terms of simplicity Spondoolies tech is probably the most user friendly in terms of set up. Miners such as the SP20 and SP10 can be plugged into your router, and after following five sets of simple and clear instructions can be up and running in five minutes.

  10. Investoram.Org

    July 19, 2018 at 9:23 am

    However in terms of simplicity Spondoolies tech is probably the most user friendly in terms of set up. Miners such as the SP20 and SP10 can be plugged into your router, and after following five sets of simple and clear instructions can be up and running in five minutes.

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#Bitcoin Price Analysis

BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000?

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Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum.

Technical Indicators:

Support Levels: $7500, $7000, $6600

Resistance Levels: $8000, $8200, $8300, $8500

Key Points:

  • Bitcoin price started to recover massively after moving above $6800 level.
  • The bulls pushed the price back above $7000 and even $7500 resistance level.
  • Bitcoin price was also able to break above the bearish pattern line which was being formed on the hourly chart with resistance around $7300.
  • Currently, BTC seems to be eyeing towards $8000 resistance level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum and might soon test $8000 resistance level to move towards $8500 and even $9000 levels if it remains above $7200 and $7000 support levels.

Bitcoin price gained bullish momentum last week and broke above $7000 resistance level. The buyers were also able to push the price above $7200, $7500 and $7800 resistance level. BTC even moved over the $8000 level to record a new yearly high at around 8360. However, bitcoin price started to correct downwards later on and fell below $8000 level. The selling pressure increased massively and BTC also broke below $7000 support level which turned the overall momentum into negative. However, Bitcoin price found decent support around $6650 level where buyers were able to stop further losses.

Bitcoin price soon started to recover back upwards and broke above the resistance formed around $7000. BTC was also able to break through $7200 resistance level as well as the bearish pattern line that was being formed on the hourly chart with resistance around $7300. Bitcoin price also moved above $7500 resistance level and is currently trading well above this range.

With BTC currently trading around $7800, the overall momentum seems positive and Bitcoin price might soon test the $8000 resistance zone above which it might test the $8200, $8300 and $8500 levels. However, if bitcoin price started to correct downwards again, it is very essential for BTC to maintain its position above $7000 to remain bullish. If BTC falls below $7000 and $6600 support level, it might turn towards $6000 and even $5500 level in the short term.

BTC to USD Price Chart 19th May

BTC to USD Price Chart 19th May

The chart shows that bitcoin price was able to recover nicely after falling towards $6650 level. The overall momentum seems bullish and BTC might test $8000 level to move towards $8200, $8300 and $8500 resistance levels. On the downside, BTC is currently supported at $7500, $7000 and $6600 level below which the momentum might turn bearish.

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#Bitcoin Price Analysis

BTC to USD, 15th May: Bitcoin Price Analysis, $8500 or $7000?

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Technical Indicators:

Support Level: $7600, $7500, $7200

Resistance Level: $8100, $8350

 

Key Points:

  • Bitcoin price started to correct downwards sharply after rising up to around $8350.
  • The sellers pushed the price below $8000 and BTC tested the $7600 support level.
  • A bearish pattern is being formed on the hourly chart with resistance around $8100 which might push the price back downwards.
  • Bitcoin price might test the $7600, $7500 and even $7200 support levels before it starts a fresh upside move.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to correct downwards and fell below $8000. BTC is currently supported at $7600 and $7500 and might soon test the $8100 and $8350 resistance levels again.

 

Bitcoin price broke above the $8000 resistance level yesterday with bullish momentum. The buyers even pushed the price above $8100 and $8300 resistance levels, however, there were a lot of sellers placed around $8350 resistance level and thus after reaching up to $8340, bitcoin price started to correct downwards. During the downward correction, BTC delined below $8200 and $8000 support levels.

 

As the price declined below $8000, the selling pressure increased and the bitcoin price was pushed back to the $7600 support level. BTC reached up to $7631 before the buyers were able to control the situation and stop further losses. Currently, Bitcoin is trading well above $8000 and trying to move towards $8100 level. Also, there is a bearish pattern being formed on the hourly chart with the resistance at $8100 which might push the price back downwards. Thus, it is very essential for bitcoin price to break above this level in the short term to stay bullish.

 

The current resistance lies around $8100 above which BTC might test the $8350 resistance level again. A close above this range would take bitcoin to the $8500 and $8700 levels. However, if BTC falls below the $7600 support level, it might fall back towards $7200 and even $7000 level below which the momentum might turn bearish.

 

BTC to USD Price Chart 15th May

BTC to USD Price Chart 15th May

The chart shows that the bitcoin price is currently trading above $8000 and trying move towards $8100 level. Most likely, bitcoin price might fall down towards the $7600 support level again before starting a fresh upward move. As long as bitcoin remains above $7600 level, it will stay in an uptrend and might soon test $8350 and $8500 resistance levels.

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#Bitcoin

Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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